Donald Trump's victory in the U.S. elections has raised the specter of higher tariffs on China — but it may not be the only Asian country that faces this predicament, according to Goldman Sachs. "Asian trading partners might try to deflect attention in various ways e.

Goldman Sachs estimated that each percentage-point cut to the corporate tax rate could boost S&P 500 earnings by slightly less than 1%.

Donald Trump’s return with a tougher trade stance spells trouble, not just for China but for plenty of other Asian economies, according to Goldman Sachs. Andrew Tilton, the bank’s top Asia-Pacific economist,